Indian equity markets are expected to trade flat to mildly positive in today’s session. Optimism surrounding the India–US interim trade framework continues to underpin sentiment, while stability in the rupee has eased currency-related concerns and strengthened foreign investor confidence. FPIs have extended their buying streak, providing a meaningful liquidity cushion, and steady DII participation is helping limit sharp downside risks. With benchmarks consolidating near record levels, the broader setup remains constructive, although price action is likely to stay range-bound in the absence of a fresh catalyst.

Investors will closely watch the release of January consumer price inflation (CPI) data, which will be compiled using a revised 2024 base year. The new series expands coverage to 358 items, including airfares, e-commerce transactions and OTT subscription rates compared with 299 products and services under the 2012 series. The updated base is expected to better capture evolving consumption patterns across rural and urban India, thereby enhancing the accuracy, relevance and transparency of inflation estimates.

Nifty 50

Nifty 50 remains in a consolidation phase within a broader trading range, with 26,000 emerging as a strong resistance zone amid visible call writing and psychological supply. The immediate support for the day is placed in the 25,900–25,800 band. A decisive break below this region could open room for a corrective move towards 25,700–25,600. Technically, the structure continues to reflect a bullish undertone. Moving averages remain positively aligned, RSI near 58 indicates steady momentum, and broader trend indicators are supportive, though follow-through buying is currently limited. The near-term outlook remains range-bound unless the index delivers a sustained breakout above 26,000. The broader bullish bias stays intact as long as 25,800 holds on a closing basis.

Bank Nifty

Bank Nifty continues to consolidate while holding higher support levels well. The formation of higher lows after the recent dip near 60,450 signals steady accumulation at lower levels. The index is trading just below the key supply zone around 60,800, indicating compression before a directional move. On the downside, the 60,550–60,450 zone acts as the immediate support cluster, with a stronger cushion placed between 60,360–60,000. A breakdown below this region could trigger short-term profit booking and distribution pressure. For today, the bias remains mildly positive with scope for relative outperformance, though price action is likely to remain consolidative with a slight upward tilt. Holding above 60,500 keeps the broader structure intact for a potential move towards higher levels.